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Guaranty Federal Mortgage

Lender Summary

GFM was founded in Texas and has proudly served the Lone Star State exclusively since 2005. We have been a top Rated Lender on the Lending Tree Network since 2006 and have a 99% customer satisfaction rating. GFM is geared towards more personal service unlike large National lenders who’s process is set up to treat you like a number rather than a valued client. This in turn produces a better overall value and lending experience to our customers which is why our Customer Satisfaction Rating is so high. All the efficiencies in our business model allow us to pass on those savings and be a pricing leader which translates to lower rates and fees than most lenders can offer all while still be delivered with 5 STAR customer service. Our Technology platform allows us to streamline the loan approval process as well as making your loan closing almost seamless with E-Close. This new innovation enables you to close your home loan on an IPad in minutes and most loans can even be done from the comfort of your own home. Also unlike traditional lending, our Loan Advisors are not compensated by the rates or fees charged on loans. They are solely based on loan closings and customer satisfaction reviews. This approach allows your Mortgage Professional to focus on your specific needs and insure you get the "RIGHT" loan and not just "A" loan. If you like speaking to a live person that truly cares about your needs and having your phone calls answered and returned promptly then you will appreciate what GFM has to offer. GFM’s mission is to provide the highest quality of Service and Integrity to all of the communities and clients we serve in Texas. GFM is Rated A+ with the BBB and has been an Accredited Business Partner since 2005. Call to today and speak with one of our Mortgage Professionals and see the difference!

Review Breakdown

I was initially told that I would have to have little (less than $100) at the table when signing. Three days before I signed paperwork, I was called and told it would be $700. The day of signing, I was asked for approx. $1200. The idea that there was a discrepancy of this amount and that it was not communicated to us was beyond frustrating. DISCLOUSURE is a word that we saw dozens of times in various paperwork while refinancing. And it was a lack of disclosure that resulted in this sour taste that was left in our mouth at signing time. The person who was "helping us", stated during the $700 phone call that there was a $1500 discrepancy between the final numbers and that his company was gonna pick up $800 and we would assume the other $700. That didn't happen. My wife and I called and "checked in" NUMEROUS times to make sure that all was good in the process and that we were not gonna face any last minute issues. Didn't matter. Just a disappointing experience. GFM After reviewing your file I would like to point out several inaccurate characterizations in your review. First, you stated that you were “Blindsided” by closing cost at the last minute. You ultimately selected GFM I assume based on us having the best rate and lowest fees out of all of our competitors not to mention professional loan officers.
• We selected you based on your location being in Dallas – I was contacted by 3 separate loan officers will the exact same rates.

Your original loan disclosures showed you with “ZERO” Lender fees or Origination charges being paid by you. Your final loan Settlement statement showed you paying “ZERO” Lender fees or Origination charges. Your closing cost never actually changed from the first time you saw them to the time you closed. Not sure how we could receive a rating of 4 for Rate if we were the best and 1 for Fees/Closing Cost given we had ZERO lender charges and I will elaborate more on closing cost as fol****.You did have changes due to your existing loan payoff and your prepaid items(Taxes, insurance and prepaid interest) which can impact the final cost for closing but neither of the two are dictated or controlled by a Lender. The reason for this change was due to the email you sent us on 6/5 below. Our appraisal is scheduled for tomorrow. I know our locked rate expires July 3rd, I wanted you to be aware that we will be out of the area June 21 – July1st on vacation. You were not able to close your loan during the month of June as you originally intended based on the rate lock expiration date you chose. Closing on July 1st added additional months to your escrow account and prepaid interest and your payoff was $1171.31 higher than what you initially disclosed to us.

• During our initial conversation with the loan officer (even prior to selecting your company) I stated we would be on vacation during that time – he stated it would not be an issue. He informed me that the lock expiration would be 7/3/13 (he selected the date) I expressed concern; he stated it would not be a problem. The date I left for vacation I called and left a voicemail with my contact number and sent an email with my personal cell number. He sent me an email 3 days later stating he could not get a hold of me at my home number and he needed to speak with me about the change in the cost we needed to provide at closing. I verbally gave a direct contact number and sent an email with my contact information; he still could not get a hold of me? When we did speak he stated the costs would be about $700 – although annoyed, we stated that we would be okay seeing as we would not being paying our mortgage for two months. (I can post emails from your loan officer to me as well, if you would like)

These three factors were the reason for the increased funds at closing and were not attributed to GFM charging you any additional fees as you suggested. In fact you stated your Rate lock would expire on 7/3 which it would have if we did not secure a “ FREE” rate lock extension to accommodate your out of town schedule, which was paid for by GFM for your benefit.
• This should have been done, you chose the lock date, assured it would not be a problem due to us being out of town(when I expressed concern), and then when it there was an issue you changed it.

That is not something we are required to do but do try to take care of for our clients whenever possible. Due to the dramatic market shifts in rates, this alone saved you tens of thousands of dollars over the life of your loan and all at “NO” cost to you. 2nd- You stated that all of this was unknown to you prior to your closing but our records show you did have conversations with your loan officer prior to your 7/1 closing on 6/28 and while they did not have your final figure due to the Settlement statement not being approved at that time you were given an the approximate estimate of $1200. You asked your Loan Officer if you were required to make a July payment and you were elated once your heard the answer was “NO”. Once we did have the approved HUD later that day you were informed of the figure which was exactly $1142.24 needed to close.
• Incorrect, we found out the amount the date of closing about the increased amount – we were told $700 over the phone.

This was less than the actual difference of what your existing payoff came back at to satisfy the current lien on your property. The $800 you stated we would pay for was done since you were not charged and had “Zero” lender fees which are normally $850. You were NOT told you would receive an additional $800. I think this was a simple misunderstanding but either way you were not charged. By closing July 1st you did not have to make two months of mortgage payments as well. I don’t mean to seem unsympathetic to you review but the facts of this file are clear and while you might construe things such as your payoff and prepaid items as closing cost they are not figures the lender controls.

• You can view it anyway you would like, but the “facts” as you have laid out here are not facts. I’m sure if you spoke to the loan officer directly, he would inform you exactly what happened. He was very understanding and apologetic, because he was genuinely sorry for the situation. But that still does not change what happened.

If you could have closed in June as you originally intended per your original rate lock none of these issues would have arisen and I’m sure we would have had another Satisfied client which is what we strive for on each and every loan we close. Thank you for giving GFM the opportunity to earn your business. Sincerely, Customer Relations Dept.

• As stated above, a June closing date was never specified, the vacation date was known prior to even beginning the process. The amount expected of us at closing was NOT communicated correctly. After the loan closed, no one returned our call to explain what exactly happened. We seriously thought of not closing, due to all the issues we had, but felt like we were backed into a corner since it was 7pm and we were at the closing. We are extremely honest and understanding people. We realize that things happen and perhaps the numbers were not finalized (or available to you) until a few days prior to the closing. But that does not change the fact that those numbers were not communicated to us. I do not appreciate your passive aggressive tone nor the inaccuracies of the “facts”. Although an unfortunate situation, it was not earth shattering and we will move on with our lives. We wanted to give an honest review because we were asked to and others should be aware of what could happen and plan accordingly.

Guaranty Federal Mortgage Response

Thank you for your feedback. While we never like to hear of a unsatisfied client we welcome the opportunity to review each file to insure quality control of our loan process as well as an opportunity to improve for future customers if necessary. After reviewing your file I would like to point out several inaccurate characterizations in your review. First, you stated that you were “Blindsided” by closing cost at the last minute. You ultimately selected GFM I assume based on us having the best rate and lowest fees out of all of our competitors not to mention professional loan officers. Your original loan disclosures showed you with “ZERO” Lender fees or Origination charges being paid by you. Your final loan Settlement statement showed you paying “ZERO” Lender fees or Origination charges. Your closing cost never actually changed from the first time you saw them to the time you closed. Not sure how we could receive a rating of 4 for Rate if we were the best and 1 for Fees/Closing Cost given we had ZERO lender charges and I will elaborate more on closing cost as follows. You did have changes due to your existing loan payoff and your prepaid items(Taxes, insurance and prepaid interest) which can impact the final cost for closing but neither of the two are dictated or controlled by a Lender. The reason for this change was due to the email you sent us on 6/5 below.
Our appraisal is scheduled for tomorrow. I know our locked rate expires July 3rd, I wanted you to be aware that we will be out of the area June 21 – July1st on vacation.
Kerry Hrenko
Executive Administrator
You were not able to close your loan during the month of June as you originally intended based on the rate lock expiration date you chose. Closing on July 1st added additional months to your escrow account and prepaid interest and your payoff was $1171.31 higher than what you initially disclosed to us. These three factors were the reason for the increased funds at closing and were not attributed to GFM charging you any additional fees as you suggested. In fact you stated your Rate lock would expire on 7/3 which it would have if we did not secure a “ FREE” rate lock extension to accommodate your out of town schedule, which was paid for by GFM for your benefit. That is not something we are required to do but do try to take care of for our clients whenever possible. Due to the dramatic market shifts in rates, this alone saved you tens of thousands of dollars over the life of your loan and all at “NO” cost to you. 2nd- You stated that all of this was unknown to you prior to your closing but our records show you did have conversations with your loan officer prior to your 7/1 closing on 6/28 and while they did not have your final figure due to the Settlement statement not being approved at that time you were given an the approximate estimate of $1200. You asked your Loan Officer if you were required to make a July payment and you were elated once your heard the answer was “NO”. Once we did have the approved HUD later that day you were informed of the figure which was exactly $1142.24 needed to close. This was less than the actual difference of what your existing payoff came back at to satisfy the current lien on your property. The $800 you stated we would pay for , was done since you were not charged and had “Zero” lender fees which are normally $850. You were NOT told you would receive an additional $800. I think this was a simple misunderstanding but either way you were not charged. By closing July 1st you did not have to make two months of mortgage payments as well. I don’t mean to seem unsympathetic to you review but the facts of this file are clear and while you might construe things such as your payoff and prepaid items as closing cost they are not figures the lender controls. If you could have closed in June as you originally intended per your original rate lock none of these issues would have arisen and I’m sure we would have had another Satisfied client which is what we strive for on each and every loan we close. Thank you for giving GFM the opportunity to earn your business.
Sincerely, Customer Relations Dept.

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